How do entry, exit, and investment shape common-pool externalities? This paper studies the 19th-century American whaling industry from the viewpoint of strategic firm dynamics.

This paper examines overinvestment in groundwater pumping in California, where water utilities share aquifers but rarely coordinate to preserve them. Using a panel dataset combining utilities’ production, pricing, and extraction data with measures of aquifer levels, we estimate an empirical model of investment by regulated utilities.

This paper investigate how civil service exams historically screened talent for bureaucrats and family lineages influenced their final appointments.

This paper studies the effects of small-scale water supply interventions on population health and human capital formation.

This paper investigates how firms export and innovate in an oligopolistic environment.

This paper studies how public liquidity provision influences the functioning of private markets and the allocation of financial resources. We are currently analyzing data on New Jersey bank networks from 1926 to 1932.